The British brand will start looking for a successor
June 29, 2021: Marco Gobbetti, who led the transformation of Burberry since 2017, will be stepping down after nearly five years, enabling him to “return to Italy and be closer to his family” as per a Burberry release.
As Burberry begins the search for a successor, Mr. Gobbetti will be joining Salvatore Ferragamo. Gerry Murphy, Chairman of Burberry said that Mr. Gobbetti “has had a transformative impact and established a clearly-defined purpose and strategy, an outstanding team and strong brand momentum.”
“With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right time for me to step down,” Mr. Gobbetti said.
In one of his most controversial moves, Mr. Gobbetti brought in Riccardo Tisci to join Burberry as Creative Director, having previously hired him at Givenchy. Together they have executed a complete overhaul of Burberry’s look, bringing in a new monogram and edging towards a bold streetwear aesthetic alongside its traditional trench coats.
As per an article by UK’s The Guardian, Mr. Gobbetti took the brand more upmarket, pulling out of the less luxurious department stores and cutting jobs at head office and in stores to improve efficiency and free up cash for more digital marketing. His methods led to a 35% rise in Burberry’s share price from when he took over as CEO to the end of last week – despite the effects of the pandemic.
Mr. Gobbetti will join Salvatore Ferragamo as General Manager and Chief Executive Officer. Prior to Burberry, he was the CEO of Moschino. He has also spent 13 years in the LVMH group where he was CEO of Givenchy and Celine.